Financial Assistance to minorities under Bankable scheme

About the scheme:

This scheme provides individual assistance for activities like agriculture allied, industries, small business, services, transport etc for weaker section of minorities that can be taken up in collaboration with banks at cheaper rate of interest for bank share of loans to establish any viable self-employment unit and to identify entrepreneurial capabilities among minorities and facilitate them to emerge as successful entrepreneurs in the society. Employees and students are not eligible for the financial assistance under the scheme.Bank share of loan shall be recovered over a period of 3 years without any moratorium .

Objective of the Scheme:

1. Socio Economic Development

2. Advancement of Women

3. Developing confidence among minorities of being important stakeholders in Nation buildings.

Who can be the beneficiaries of the scheme:

1. Beneficiaries should belong to a Minority community.

2. Age of the beneficiaries in between 21-55 years

3. Annual Income of the Parent/ applicant should not exceed Rs. 2,00,000/- in Urban areas and Rs. 1,50,000/- in Rural areas.

4. Beneficiary should possess Aadhar Card / Ration Card.

5. Preference shall be given to women beneficiaries so as to cover a minimum of 33 1/3% of the total target for the District and mandal level.

Under Subsidy for Bankable scheme 3464 needy Minorities will be benefited with State Government Subsidy amounting to Rs. 1732.00 lakhs during the year 2015- 2016.

How to Apply for the scheme:

1. All the Minority applicants desire to avail financial assistance shall apply through the online beneficiary monitoring system(OBMMS) to ensure transparency and accountability.

2. After registration of application through (OBMMS) the online registered application Hard copy shall be obtained.

3. The Hard copy of application shall be submitted to the MPDO/ Municipal Commissioner (Municipality) /Zonal Commissioner (in case of Municipal Corporation) along with the following Enclosures.

• Income Certificate issued by Tahasildar.
• Photostat copy of Ration Card.
• Photostat copy of Aadhar Card.
• One Pass port size photo.

Source: www.archive.india.gov.in